New Gold Inc. (NGD) Receives $5.39 Average Target Price from Analysts
Shares of New Gold Inc. (NYSEMKT:NGD) have been given a consensus rating of “Hold” by the fourteen ratings firms that are presently covering the firm. One analyst has rated the stock with a sell recommendation, nine have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $5.18.
A number of analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of New Gold from a “hold” rating to a “buy” rating and set a $4.25 target price on the stock in a report on Wednesday. RBC Capital Markets restated a “sector perform” rating on shares of New Gold in a report on Saturday, October 8th. Bank of America Corp. set a $6.00 target price on shares of New Gold and gave the stock a “hold” rating in a report on Tuesday, October 4th. Desjardins upgraded shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, September 16th. Finally, Canaccord Genuity downgraded shares of New Gold from a “buy” rating to a “hold” rating in a report on Wednesday, September 7th.
Large investors have recently added to or reduced their stakes in the stock. Lincluden Management Ltd. raised its stake in New Gold by 4.7% in the second quarter. Lincluden Management Ltd. now owns 14,840 shares of the company’s stock valued at $107,000 after buying an additional 665 shares in the last quarter. Numeric Investors LLC acquired a new stake in New Gold during the second quarter valued at approximately $108,000. Mackenzie Financial Corp acquired a new stake in New Gold during the second quarter valued at approximately $133,000. Advisor Group Inc. acquired a new stake in New Gold during the second quarter valued at approximately $135,000. Finally, World Asset Management Inc raised its stake in New Gold by 7.8% in the second quarter. World Asset Management Inc now owns 31,716 shares of the company’s stock valued at $139,000 after buying an additional 2,297 shares in the last quarter.
Shares of New Gold (NYSEMKT:NGD) opened at 3.92 on Monday. The stock’s market capitalization is $2.01 billion. The firm’s 50-day moving average is $4.60 and its 200 day moving average is $4.54. New Gold has a 52-week low of $1.76 and a 52-week high of $6.04.
New Gold (NYSEMKT:NGD) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.03 earnings per share (EPS) for the quarter. The company earned $180.30 million during the quarter, compared to the consensus estimate of $163.44 million. The business’s revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.02 earnings per share. Equities analysts expect that New Gold will post $0.08 EPS for the current year.
About New Gold
New Gold Inc is a Canada-based intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. The Company has operating mines in Canada, the United States, Australia and Mexico and development projects in Canada. The Company’s segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other.
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